High Sea Sale and accounting treatement

 

(Querist) 07 January 2010

Dear Sir

Following are my queries:

1. In case of high sea sale is it necessary to entered Import Purchase in books of accounts?

2. If it is necessary than how we can record the purchase without Material Receipt Note i. e. without actual receiving of the goods.

3.Can we avoid the purchase entry by debiting the party and crediting supplier of such goods?

4. If booking of purchase is necessary then
in which section/notification/circular it is mentioned.

5.Provide full accounting treatement as per
accounting standard.

Regards:

Prafull Kumar
CA Final




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